USA – MycoTechnology, a food technology startup that has developed a novel food processing platform using mycelial fermentation, has raised US$39 million in its Series D round, less than five months after closing a US$30 million Series C funding
The Series D financing was co-led by Greenleaf Foods, SPC, S2G Ventures, and Evolution Partners with participation from Rich Products Ventures, Tyson Ventures, Continental Grain, Middleland Capital, Bunge Ventures, Seventure Partners, Cibus Investments Limited, and Kellogg’s eighteen94 Capital investment arm.
The financing round was completed amidst of the COVID-19 pandemic, demonstrating investor confidence in MycoTechnology’s solutions during uncertain times for the global economy.
With the closing of this funding round, MycoTechnology is now considered as one of the most valued food technology startups in the world. The investment brings the company’s total capital raised to over US$120 million.
MycoTechnology has developed a novel organic food processing platform that transforms agricultural material into functional ingredients to address the biggest challenges in the food and beverage industry.
The food tech startup says that its solutions helps the food industry create healthier products without excessive sugar, salt, and fat by working with the natural transformative power of mushrooms to make new-to-the-world food ingredients.
The company’s flagship product, ClearTaste, is the world’s first organic bitter blocker and flavor clarifier that helps clean up the taste of functional ingredients and is a powerful tool in the fight against sugar and sodium.
MycoTechnology observes that its other product, PureTaste protein filled the void in the plant-based protein market, creating a complete plant protein with improved functionality and bioavailability.
Alan Hahn, CEO of MycoTechnology, says that the company contributes much of its success to focusing on purpose driven innovation.
“We do not innovate for the sake of innovating. We create products that solve the biggest challenges in the food industry, like creating great tasting products without excessive sugar, salt, or fat and doing so in a more sustainable way,” said Alan.
“I believe this is what attracted our investors to look closely at our company, and when they saw the many ways that mushroom fermentation can truly transform the food industry for the better, they decided to invest, even during challenging times.”
The company, which has been expanding and accelerating its R&D project execution following the January Series C funding round, noted that additional funding will help bring its “forward-thinking vision to reality”.
“With many game changing products currently under development, the funds will help prepare for new product introductions that truly have the potential to change the food industry landscape and bring never-before-seen ingredients to the market,” Alan explained.
Commenting on the investment Erin VanLanduit, Managing Director of Tyson Ventures said: “We have been impressed with their novel approach to ingredient creation through mushroom fermentation from the beginning.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE